Bitmine increased its Ethereum holdings to 5.7 million ETH, representing 4.7% of the total supply, closing in on Tom Lee's 5% target. The company was added to the Russell 1000 Index, potentially attracting passive institutional inflows. However, ETH price dropped 8% and BMNR shares fell 13% in the week, down over 90% from the year's high. Its staked ETH is projected to generate $246 million in annualized yield.
Bitmine has increased its Ethereum holdings to 5.7 million ETH, representing 4.7% of the total supply, approaching the 5% target set by prominent analyst Tom Lee. The company's inclusion in the Russell 1000 Index is expected to draw significant passive institutional capital.
Market performance has been mixed: ETH price declined 8% over the same period, while Bitmine's stock (BMNR) fell 13% for the week and has plunged over 90% from its year-to-date high. Despite the stock weakness, the company's staked ETH is estimated to generate $246 million in annualized staking rewards, providing a buffer to its balance sheet.
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